Quarterly Activities Report
Brisbane, April 29, 2016 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) is pleased to announce activities for the quarter including entry into the Western Australian lithium market, drill assay results from the East Kimberley graphite project and the completion of phase 1 drilling at Itabela in Brazil.
Highlights:
- Strategic entry into Western Australian lithium market with tenure acquired in the Pilbara, Pilgangoora district and Murchison Mt Edon areas totalling 843km2 and securing rare metal pegmatites
- Acquisitions compliment graphite project and Company's objective of sourcing and developing the raw materials needed fin lithium-ion batteries
- Drill assay results at Corkwood, East Kimberley delineate broad zones of shallow flake graphite, including 16m @ 5.03% TGC from 13m in SKRC006, with assays up to 12.2% TGC
- Itabela drilling program completed, results pending
Strategic Entry into Western Australian Lithium Market
During the quarter, the Company secured a package of lithium prospective exploration tenements in Western Australia. The acquisition is complimentary to the Company's graphite development strategy and its objective of securing, exploring and developing the raw materials required for the production of lithium-ion batteries.
Lithium is a high-value product which is anticipated to be in tight supply as the demand for lithium-ion batteries continues to experience transformational growth due to use in the new green technology sectors.
The projects have excellent regional infrastructure, and are close to the Asian markets for downstream processing and battery manufacturing.
Western Australia is a premium lithium province with world-class, high-grade lithium deposits associated with rare metal pegmatites. The Company has secured two regional project areas covering a total 843 km2 (see figure 1) as part of its strategic move into lithium exploration.
The projects host tantalum mineralisation within complex rare metal pegmatites. This class of fractionated pegmatite includes prospective lithium-cesium-tantalum ("LCT") pegmatites, and especially albite-spodumene pegmatites, the target for the Company's high grade lithium exploration strategy.
The projects have had little or no past lithium focussed exploration and the Company is encouraged that its initial reconnaissance work has been positive, identifying lithium minerals and geochemistry indicative of fractionated rare metal pegmatites.
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About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
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